The weak pound may also be adding to the problem, he argued, by making imports more expensive.

"In my view, the time [to raise rates] is overdue," he said in a speech in London. "We should increase them gradually and slowly if we can. But the risk of delaying interest rate rises too long is that this gradual approach may cease to be an option."

Mr Sentance was speaking after minutes for the MPC's February meeting revealed he stepped up his campaign for the base rate to rise from its record 0.5pc low, voting for it to go to 1pc rather than the 0.75pc he previously wanted.